by AKANI CHAUKE
JOHANNESBURG, (CAJ News) – CHINA and South Africa launched a joint business centre to deepen trade ties.
The China-South Africa Centre’s first project involves a US$120 million energy storage deal.
The facility aims to boost investment in energy, technology sectors between the two nations.
Unveiled at the G20 Young Entrepreneurs’ Alliance Global Summit in Johannesburg, attended by nearly 1 000 government officials and business leaders from G20 nations, the initiative received backing from Thandi Moraka, South Africa’s Deputy Minister of Foreign Affairs, and Jia Wei, chairperson of the G20 Young Entrepreneurs’ Alliance China Council.
It aims to facilitate business partnerships between Chinese and South African companies through project matchmaking, market expansion support and financial services.
“This marks that cooperation between young entrepreneurs from China and South Africa has entered a new stage of institutionalization,” organisers stated.
Coinciding with the centre’s launch, Chinese battery maker, CATL Technology Co. and South African energy company, Borena Energ,y signed a strategic partnership agreement for a 150-megawatt, 600-megawatt-hour standalone energy storage project.
The deal represents the centre’s inaugural cooperation initiative.
The energy storage project comes as South Africa grapples with persistent power shortages that have hampered economic growth.
The country has been implementing rolling blackouts for more than a decade due to aging infrastructure and maintenance issues at state utility, Eskom.
China is South Africa’s largest trading partner, with bilateral trade reaching $54,3 billion in 2022, according to Chinese customs data.
The two countries have been working to strengthen ties across multiple sectors, including mining, manufacturing and renewable energy.
– CAJ News